NPORT-EX 2 SI80SIT093023.htm HTML

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Balanced Fund

Investments are grouped by economic sectors.

 

     
Name of Issuer    Quantity      Fair Value ($)  

Common Stocks - 61.6%

      

Consumer Durables - 0.5%

      

YETI Holdings, Inc. *

     5,500        265,210  
     

 

 

  

Consumer Non-Durables - 2.4%

      

Constellation Brands, Inc.

      2,025        508,943  

Estee Lauder Cos., Inc. - Class A

      975        140,936  

Mondelez International, Inc.

      3,400        235,960  

PepsiCo, Inc.

      1,825        309,228  
     

 

 

  
     

 

 

 

1,195,067

 

 

     

 

 

  

Consumer Services - 2.1%

      

McDonald’s Corp.

      1,450        381,988  

Visa, Inc.

      2,800        644,028  
     

 

 

  
     

 

 

 

1,026,016

 

 

     

 

 

  

Electronic Technology - 12.8%

      

Apple, Inc.

      13,700        2,345,577  

Applied Materials, Inc.

      2,600        359,970  

Arista Networks, Inc. *

     765        140,706  

Broadcom, Inc.

      1,485        1,233,411  

NVIDIA Corp.

      4,025        1,750,835  

Palo Alto Networks, Inc. *

     1,835        430,197  
     

 

 

  
     

 

 

 

6,260,696

 

 

     

 

 

  

Energy Minerals - 1.7%

      

ConocoPhillips

      5,775        691,845  

Shell, PLC, ADR

      2,400        154,512  
     

 

 

  
     

 

 

 

846,357

 

 

     

 

 

  

Finance - 3.4%

      

Ameriprise Financial, Inc.

      1,150        379,132  

Chubb, Ltd.

      1,400        291,452  

Goldman Sachs Group, Inc.

      1,600        517,712  

JPMorgan Chase & Co.

      2,925        424,183  
     

 

 

  
     

 

 

 

1,612,479

 

 

     

 

 

  

Health Services - 3.0%

      

Centene Corp. *

     2,475        170,478  

HCA Healthcare, Inc.

      850        209,083  

UnitedHealth Group, Inc.

      2,150        1,084,008  
     

 

 

  
     

 

 

 

1,463,569

 

 

     

 

 

  

Health Technology - 3.6%

      

Abbott Laboratories

      3,550        343,818  

Dexcom, Inc. *

     5,260        490,758  

Gilead Sciences, Inc.

      2,225        166,741  

Johnson & Johnson

      1,250        194,687  

Thermo Fisher Scientific, Inc.

      1,200        607,404  
     

 

 

  
     

 

 

 

1,803,408

 

 

     

 

 

  

Industrial Services - 1.0%

      

Cheniere Energy, Inc.

      2,900        481,284  
     

 

 

  

Process Industries - 1.4%

      

Linde, PLC

      1,225        456,129  

Sherwin-Williams Co.

      1,000        255,050  
     

 

 

  
     

 

 

 

711,179

 

 

     

 

 

  

Producer Manufacturing - 5.2%

      

Aptiv, PLC *

     2,375        234,151  

General Dynamics Corp.

      700        154,679  

Honeywell International, Inc.

      1,450        267,873  
     
Name of Issuer    Quantity      Fair Value ($)  

Motorola Solutions, Inc.

      1,400        381,136  

Northrop Grumman Corp.

      375        165,071  

Parker-Hannifin Corp.

      1,350        525,852  

Safran SA, ADR

      11,550        452,067  

Siemens AG, ADR

      5,175        369,754  
     

 

 

  
     

 

 

 

2,550,583

 

 

     

 

 

  

Retail Trade - 6.2%

      

Amazon.com, Inc. *

     9,700        1,233,064  

Home Depot, Inc.

      1,825        551,442  

Lululemon Athletica, Inc. *

     925        356,689  

Netflix, Inc. *

     460        173,696  

TJX Cos., Inc.

      5,100        453,288  

Ulta Beauty, Inc. *

     795        317,563  
     

 

 

  
     

 

 

 

3,085,742

 

 

     

 

 

  

Technology Services - 16.4%

      

Accenture, PLC

      2,025        621,898  

Adobe, Inc. *

     475        242,203  

Alphabet, Inc. - Class A *

     12,400        1,622,664  

Alphabet, Inc. - Class C *

     4,100        540,585  

Atlassian Corp. *

     1,050        211,586  

Autodesk, Inc. *

     1,275        263,810  

Dynatrace, Inc. *

     4,250        198,603  

Intuit, Inc.

      1,200        613,128  

Meta Platforms, Inc. *

     310        93,065  

Microsoft Corp.

      7,800        2,462,850  

Paycom Software, Inc.

      600        155,562  

Salesforce, Inc. *

     3,650        740,147  

ServiceNow, Inc. *

     560        313,018  
     

 

 

  
     

 

 

 

8,079,119

 

 

     

 

 

  

Transportation - 1.4%

      

FedEx Corp.

      975        258,297  

Union Pacific Corp.

      2,050        417,442  
     

 

 

  
     

 

 

 

675,739

 

 

     

 

 

  

Utilities - 0.5%

      

NextEra Energy, Inc.

      4,140        237,181  
     

 

 

  

Total Common Stocks
(cost: $16,367,290)

         30,293,629  
     

 

 

  
     
     
Name of Issuer    Principal
Amount ($)		      Fair Value ($)  

Bonds – 31.5%

     

Asset-Backed Securities - 0.4%

      

Small Business Administration:

      

2008-20A 1, 5.17%, 1/1/28

      10,230        9,947  

2007-20H 1, 5.78%, 8/1/27

      9,396        9,201  

Towd Point Mortgage Trust:

      

2020-MH1 A1A, 2.18%, 2/25/60 1, 4

      70,970        66,569  

2019-MH1 A2, 3.00%, 11/25/58 1, 4

      100,000        97,293  
     

 

 

  
     

 

 

 

183,010

 

 

     

 

 

  

Collateralized Mortgage Obligations - 6.4%

      

Chase Home Lending Mortgage Trust:

      

2023-6 A2, 6.00%, 6/25/54 1, 4

      150,000        147,633  
 

 

 

   

SEPTEMBER 30, 2023

   1

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Balanced Fund (Continued)

 

     
Name of Issuer    Principal 
Amount ($)		      Fair Value ($)  

Fannie Mae:

      

2017-84 JP, 2.75%, 10/25/47

      16,969        14,379  

2003-34 A1, 6.00%, 4/25/43

      23,411        23,271  

2004-T1 1A1, 6.00%, 1/25/44

      13,963        13,883  

1999-17 C, 6.35%, 4/25/29

      4,313        4,292  

2001-82 ZA, 6.50%, 1/25/32

      7,060        7,058  

2009-30 AG, 6.50%, 5/25/39

      24,713        25,005  

2013-28 WD, 6.50%, 5/25/42

      22,508        23,190  

2004-T1 1A2, 6.50%, 1/25/44

      35,966        36,158  

2004-W9 2A1, 6.50%, 2/25/44

      24,456        24,476  

2010-108 AP, 7.00%, 9/25/40

      294        294  

2004-T3 1A3, 7.00%, 2/25/44

      4,856        4,961  

Freddie Mac:

      

5280 A, 3.50%, 1/25/50

      156,367        140,673  

4812 CZ, 4.00%, 5/15/48

      162,193        146,751  

4293 BA, 5.27%, 10/15/47 1

     7,431        7,360  

2122 ZE, 6.00%, 2/15/29

      23,062        23,089  

2126 C, 6.00%, 2/15/29

      15,867        15,821  

2480 Z, 6.00%, 8/15/32

      18,870        18,764  

2485 WG, 6.00%, 8/15/32

      19,396        19,484  

2575 QE, 6.00%, 2/15/33

      7,390        7,423  

2980 QA, 6.00%, 5/15/35

      10,501        10,604  

2283 K, 6.50%, 12/15/23

      74        74  

2357 ZJ, 6.50%, 9/15/31

      14,759        14,595  

4520 HM, 6.50%, 8/15/45

      12,216        12,591  

3704 CT, 7.00%, 12/15/36

      8,096        8,373  

2238 PZ, 7.50%, 6/15/30

      6,581        6,811  

Government National Mortgage Association:

      

2021-86 WB, 4.74%, 5/20/51 1

     136,889        130,051  

2021-104 HT, 5.50%, 6/20/51

      170,018        166,907  

2021-27 AW, 5.84%, 2/20/51 1

     186,955        188,317  

2015-80 BA, 7.00%, 6/20/45 1

     7,548        7,741  

2018-147 AM, 7.00%, 10/20/48

      24,895        25,397  

2018-160 DA, 7.00%, 11/20/48

      22,442        22,852  

2014-69 W, 7.21%, 11/20/34 1

     10,943        11,275  

2013-133 KQ, 7.30%, 8/20/38 1

     13,040        13,521  

2005-74 HA, 7.50%, 9/16/35

      313        316  

JP Morgan Mortgage Trust:

      

2021-6 A4, 2.50%, 10/25/51 1, 4

      291,300        246,912  

2021-13 A4, 2.50%, 4/25/52 1, 4

      262,805        221,959  

2021-6 A12, 5.00%, 10/25/51 1, 4

      278,666        258,436  

2021-13 A11, 5.00%, 4/25/52 1, 4

      284,604        259,542  

2022-1 A11, 5.00%, 7/25/52 1, 4

      335,179        305,057  

2022-2 A11, 5.00%, 8/25/52 1, 4

      314,663        289,470  

2023-1 A2, 6.00%, 12/26/53 1, 4

      145,009        141,022  

New Residential Mortgage Loan Trust:

      

2018-3A A1, 4.50%, 5/25/58 1, 4

      34,206        32,117  

Sequoia Mortgage Trust:

      

2020-4 A5, 2.50%, 11/25/50 1, 4

      40,815        35,760  

Vendee Mortgage Trust:

      

2008-1 B, 5.84%, 3/15/25 1

     6,407        6,386  

Wells Fargo Mortgaged Backed Securities Trust:

 

   

2020-5 A3, 2.50%, 9/25/50 1, 4

      33,034        28,865  
     

 

 

  
     

 

 

 

3,148,916

 

 

     

 

 

  

Corporate Bonds - 8.6%

      

American Tower Trust, 5.49%, 3/15/28 4

     150,000        147,653  
     
Name of Issuer   

Principal 

Amount ($)

      Fair Value ($)  

Bank of America Corp., 5.20%, 4/25/29 1

     50,000        48,217  

British Airways 2020-1 Class B Pass Through
Trust, 8.38%, 11/15/28 4

     41,492        42,194  

Charles Stark Draper Lab., Inc., 4.39%, 9/1/48

      100,000        80,447  

Comcast Corp., 4.55%, 1/15/29

      150,000        144,074  

Consumers Energy Co., 4.35%, 8/31/64

      50,000        36,735  

CVS Pass-Through Trust, 7.51%, 1/10/32 4

     111,585        114,360  

Delta Air Lines 2015-1 Class AA Pass
Through Trust, 3.63%, 7/30/27

      114,005        106,309  

Dow Chemical Co., 6.90%, 5/15/53

      75,000        78,697  

Duke Energy Florida, LLC:

      

2.54%, 9/1/29

      42,928        38,851  

2.86%, 3/1/33

      120,000        98,178  

Entergy Louisiana, LLC, 4.95%, 1/15/45

      200,000        166,989  

Equifax, Inc.:

      

3.10%, 5/15/30

      100,000        83,300  

7.00%, 7/1/37

      116,000        116,247  

Exelon Corp., 7.60%, 4/1/32

      75,000        80,999  

Fairfax Financial Holdings, 7.75%, 7/15/37

      150,000        151,478  

First-Citizens Bank & Trust Co.
(Subordinated), 4.13%, 11/13/29 1

     175,000        166,846  

Genuine Parts Co., 1.88%, 11/1/30

      200,000        151,753  

Halliburton Co., 7.60%, 8/15/96 4

     75,000        75,058  

HEICO Corp., 5.25%, 8/1/28

      75,000        73,174  

ITT, LLC, 7.40%, 11/15/25

      25,000        25,176  

JPMorgan Chase & Co., 4.59%, 4/26/33 1

     100,000        90,085  

KeyBank NA of Ohio, 4.15%, 8/8/25

      200,000        188,333  

Leidos, Inc., 7.13%, 7/1/32

      50,000        51,250  

Louisville Gas & Electric Co., 5.45%, 4/15/33

      50,000        48,858  

Meta Platforms, Inc., 3.85%, 8/15/32

      150,000        133,136  

Morgan Stanley, 5.12%, 2/1/29 1

     175,000        168,582  

Nationwide Mutual Insurance Co.
(Subordinated), 3 Mo. Libor + 2.29,
7.96%, 12/15/24 1, 4

      195,000        194,993  

Northern Trust Corp. (Subordinated), 3 Mo.
Libor + 1.13, 3.38%, 5/8/32 1

     250,000        220,125  

PacifiCorp, 2.70%, 9/15/30

      100,000        81,682  

Polar Tankers, Inc., 5.95%, 5/10/37 4

     95,717        94,703  

SBA Tower Trust, 6.60%, 1/15/28 4

     145,000        145,408  

Security Benefit Life Insurance Co.
(Subordinated), 7.45%, 10/1/33 4

     100,000        89,875  

Tennessee Gas Pipeline, LLC, 7.00%, 10/15/28

      213,000        220,979  

Union Electric Co., 4.00%, 4/1/48

      100,000        73,368  

United Airlines 2019-2 Class AA Pass Through
Trust, 2.70%, 5/1/32

      128,850        106,304  

UnitedHealth Group, Inc., 5.30%, 2/15/30

      150,000        149,137  

Unum Group, 7.25%, 3/15/28

      25,000        25,709  

US Bancorp, 5.78%, 6/12/29 1

     125,000        121,804  
     

 

 

  
     

 

 

 

4,231,066

 

 

     

 

 

  

Federal Home Loan Mortgage Corporation - 0.2%

 

   

7.50%, 7/1/29

      45,161        46,018  

8.50%, 5/1/31

      52,823        54,394  
     

 

 

  
     

 

 

 

100,412

 

 

     

 

 

  

Federal National Mortgage Association - 2.6%

 

   

4.50%, 7/1/52

      325,307        299,007  

4.50%, 9/1/52

      327,285        300,803  

5.50%, 8/1/56

      156,800        156,341  

6.00%, 7/1/41

      134,357        137,173  
 

 

 

   

2

  

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Balanced Fund (Continued)

 

     
Name of Issuer   

Principal 

Amount ($)

      Fair Value ($)  

6.00%, 9/1/53

      173,965        171,835  

6.00%, 10/1/53

      175,000        172,857  

6.50%, 2/1/24

      46        46  

6.50%, 9/1/27

      14,759        14,837  

7.00%, 1/1/32

      4,352        4,330  

7.00%, 3/1/33

      8,640        8,745  

7.00%, 12/1/38

      8,282        8,369  

8.41%, 7/15/26

      750        748  
     

 

 

  
     

 

 

 

1,275,091

 

 

     

 

 

  

Government National Mortgage Association - 2.0%

 

   

3.50%, 1/20/52

      176,625        154,964  

3.50%, 2/20/52

      267,431        234,637  

4.00%, 9/20/52

      240,062        212,302  

5.00%, 5/20/48

      23,905        23,165  

5.50%, 8/20/62

      153,824        147,882  

6.00%, 9/20/53

      175,000        172,281  

6.50%, 11/20/38

      8,914        8,930  

7.00%, 12/15/24

      1,441        1,403  

7.00%, 11/20/27

      4,050        4,063  

7.00%, 9/20/29

      12,494        12,701  

7.00%, 9/20/38

      5,827        5,981  

7.50%, 4/20/32

      7,721        7,777  
     

 

 

  
     

 

 

 

986,086

 

 

     

 

 

  

Taxable Municipal Securities - 6.0%

 

   

Benton & Polk Sch. Dist. No. 17J G.O.,
5.47%, 6/15/27

      150,000        152,266  

Chicago Park Dist., 2.53%, 1/1/34

      235,000        176,201  

CO Health Facs. Auth., 3.13%, 5/15/27

      250,000        222,547  

Colorado Edu. & Cultural Fac. Auth., 3.97%,
3/1/56

      205,000        145,745  

Coventry Local Sch. Dist., 2.20%, 11/1/29

      200,000        165,190  

LaGrange Co. Regional Utility Dist., 2.98%,
1/1/40

      230,000        169,011  

Maricopa Co. Industrial Dev. Auth., 3.50%,
7/1/44 4

     100,000        70,442  

Massachusetts Edu. Auth.:

      

4.00%, 1/1/32

      20,000        19,246  

4.41%, 7/1/34

      15,000        14,098  

4.95%, 7/1/38

      200,000        184,596  

5.95%, 7/1/44

      150,000        136,189  

MN Hsg. Fin. Agy., 2.31%, 1/1/27

      135,000        124,392  

NJ Higher Edu. Student Assit. Auth., 3.50%,
12/1/39 8

     70,000        64,561  

NY State Dormitory Auth., 2.69%, 7/1/35

      200,000        144,214  

Oregon State Fac. Auth., 2.68%, 7/1/31

      350,000        272,055  

Public Fin. Auth., 4.23%, 7/1/32

      105,000        93,780  

RI Student Loan Auth., 4.13%, 12/1/27

      200,000        186,344  

Texas Children’s Hospital, 3.37%, 10/1/29 17

     115,000        106,219  

Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27

      205,000        184,746  

VA Hsg. Dev. Auth., 2.13%, 7/25/51

      218,971        156,126  

WA State Hsg. Fin. Comm., 3.50%, 7/1/24 4

     20,000        19,535  

Wichita Falls, 1.65%, 9/1/28

      145,000        123,304  
     

 

 

  
     

 

 

 

2,930,807

 

 

     

 

 

  
     
Name of Issuer   

Principal 

Amount ($)

      Fair Value ($)  

U.S. Treasury / Federal Agency Securities - 5.3%

 

   

U.S. Treasury - 5.3%

      

U.S. Treasury Bonds:

      

3.63%, 2/15/53

      700,000        578,265  

4.13%, 8/15/53

      200,000        181,344  

U.S. Treasury Notes:

      

2.75%, 4/30/27

      950,000        888,473  

3.50%, 2/15/33

      750,000        688,242  

4.50%, 11/15/25

      250,000        247,383  

U.S. Treasury Strip 3.59%, 11/15/50 6

     175,000        49,362  
     

 

 

  
     

 

 

 

2,633,069

 

 

     

 

 

  

Total Bonds
(cost $17,277,524)

         15,488,457  
     

 

 

  
     
     
Name of Issuer    Quantity      Fair Value ($)  

Investment Companies 3.2%

      

BlackRock Enhanced Government Fund

      4,536        44,706  

BlackRock Income Trust, Inc.

      5,300        60,314  

BlackRock Taxable Municipal Bond Trust

      10,671        161,773  

DWS Municipal Income Trust

      9,800        75,460  

First Trust Mortgage Income Fund

      3,800        42,426  

MFS Intermediate Income Trust

      63,700        170,716  

Nuveen AMT-Free Muni Credit Income Fund

      20,900        215,479  

Nuveen AMT-Free Quality Muni Income Fund

      15,100        146,168  

Nuveen Multi-Market Income Fund

      3,953        22,176  

Nuveen Quality Municipal Income Fund

      12,500        126,750  

Nuveen Taxable Municipal Income Fund

      5,400        78,462  

Putnam Master Intermediate Income Trust

      61,000        184,220  

Putnam Premier Income Trust

      40,492        135,648  

TCW Strategic Income Fund, Inc.

      18,000        82,440  
     

 

 

  

Total Investment Companies
(cost: $1,824,288)

         1,546,738  
     

 

 

  

Short-Term Securities - 3.8%

      

Fidelity Inst. Money Mkt. Gvt. Fund, 5.27%
(cost $1,879,338)

      1,879,338        1,879,338  
     

 

 

  

Total Investments in Securities - 100.1%
(cost $37,348,440)

         49,208,162  

Other Assets and Liabilities, net - (0.1)%

         (58,095 ) 
     

 

 

  

Net Assets - 100.0%

       $ 49,150,067  
     

 

 

  

 

 

 

 

 

   

SEPTEMBER 30, 2023

   3

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Balanced Fund (Continued)

 

*

Non-income producing security.

1 

Variable rate security. Rate disclosed is as of September 30, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

4 

144A Restricted Security. The total value of such securities as of September 30, 2023 was $3,124,856 and represented 6.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

6 

Zero coupon or convertible capital appreciation bond, for which the rate disclosed is either the effective yield on purchase date or the coupon rate to be paid upon conversion to coupon paying.

8 

Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At September 30, 2023, 0.1% of net assets in the Fund was invested in such securities.

17 

Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities.

 

 

ADR — American Depositary Receipt

 

 

LLC — Limited Liability Company

 

 

PLC — Public Limited Company

 

 

 

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

A summary of the levels for the Fund’s investments as of September 30, 2023 is as follows:

 

     Investment in Securities  
    

 

Level 1

     

 

Level 2

     

 

Level 3

         
     Quoted
Prices ($)		      Other significant
observable inputs ($)		      Significant
unobservable inputs ($)		      Total ($)  

Common Stocks**

     30,293,629        —          —          30,293,629  

Asset-Backed Securities

      —        183,010          —          183,010  

Collateralized Mortgage Obligations

      —        3,148,916          —          3,148,916  

Corporate Bonds

      —        4,231,066          —          4,231,066  

Federal Home Loan Mortgage Corporation

      —        100,412          —          100,412  

Federal National Mortgage Association

      —        1,275,091          —          1,275,091  

Government National Mortgage Association

      —        986,086          —          986,086  

Taxable Municipal Securities

      —        2,930,807          —          2,930,807  

U.S. Treasury / Federal Agency Securities

      —        2,633,069          —          2,633,069  

Investment Companies

      1,546,738        —          —          1,546,738  

Short-Term Securities

      1,879,338        —          —          1,879,338  

Total:

      33,719,705        15,488,457          —          49,208,162  

 

**

For equity securities categorized in a single level, refer to the detail above for further breakdown.

There were no transfers into or out of level 3 during the reporting period.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual report.

 

 

   

4